Agile Eco Technology (Hong Kong) Limited entered into a cooperation framework agreement to acquire 50% stake in each of six subsidiaries of CT Environmental Group Limited (SEHK:1363) on September 18, 2018. As per the terms, Agile Eco Technology shall acquire 50% stake in each of Yulin Xintao Environmental Protection Technology Company Limited, Guangxi Bobai County Yantao Environmental Protection Technology Company Limited, Yulin City Yutao Environmental Protection Technology Company Limited, Guangxi Xiangzhou Yantao Environmental Protection Technology Company Limited, Qingyuan Lvyou Environmental Protection Technology Company Limited and Guangzhou CT Lvyou Environmental Protection Technology Company Limited. The consideration shall be determined after completion of the due diligence. Agile Eco Technology shall pay the earnest money of CNY 200 million within three business days after completion of the registration procedures. Presently, each of the six subsidiaries operates as wholly owned subsidiaries of CT Environmental Group. Post completion, the six subsidiaries shall be owned as to 50% by CT Environmental Group and may or may not operate as subsidiaries of CT Environmental Group. For the year ended December 31, 2017, the target companies reported consolidated profit after tax of CNY 279.24 million, total assets of CNY 3.69 billion and net asset value of CNY 1.26 billion. The transaction shall be subject to approval of the shareholders of CT Environmental Group and due diligence being satisfactory. CT Environmental Group intends to use the proceeds from the disposal for repayment of bank loans and for general working capital. Agile Eco Technology (Hong Kong) Limited cancelled the acquisition of 50% stake in each of six subsidiaries of CT Environmental Group Limited (SEHK:1363) on November 29, 2018. Deal was cancelled as Agile Eco Technology (Hong Kong) Limited entered into an agreement to acquire 50% stake in Xintao Investment Co, Ltd. from CT Environmental Group Limited (SEHK:1363) for approximately CNY 560 million on November 29, 2018. CT Environmental shall procure Xintao Investment Co, Ltd. to complete the reorganization and spinoff within 14 business days after the signing of the agreement; upon completion of the reorganization and spin-off, Xintao Investment will directly hold 100% equity interest in Yulin Xintao Environmental Protection Technology Company Limited, Yulin City Yutao Environmental Protection Technology Company Limited, Guangxi Bobai County Yantao Environmental Protection Technology Company Limited and Guangxi Xiangzhou Yantao Environmental Protection Technology Company Limited.